Damaged goods as sales return

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Reference no: EM136922

Q. Suppose sam.com sell 3500 books on account for $11 each (cost these book is $16500) on October 10, 2012. One hundred of these books (cost $660) were damaged in shipment, so muddyriver.com later received the damaged goods as sales return on 13 October 2012. Subsequently the customer paid the balance on 22 October 2012. To customer the Credit terms offered were 2/15 net 60.

1. Calculate net sales for October 2012

2. Calculate gross profit for October 2012

Reference no: EM136922

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